Error
  • JLIB_APPLICATION_ERROR_COMPONENT_NOT_LOADING
  • JLIB_APPLICATION_ERROR_COMPONENT_NOT_LOADING

Below Support: Petrobras

New York, April 2nd (TradersHuddle.com) - Shares of Petroleo Brasileiro S.A. (NYSE:PBR) closed the trading session at $16.42 below calculated support at $16.45. The stock broke long setups, prompting the bulls to worry that this move might give the bears the upper hand.

Petroleo Brasileiro S.A. (NYSE:PBR) also known as Petrobras, explores for and produces oil and natural gas. The Company refines, markets, and supplies oil products. The Company is based in Brazil and operates in South America and elsewhere around the world.

Petrobras' stock was trading in a well defined range with support at $16.45 and resistance at $17.93; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.

From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $16.45 will remain in focus as Petrobras' price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.

Traders wanting to establish a short position in Petrobras can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $16.45. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.



Related Partner Headlines

    Real Money Pro from TheStreet: Headlined by legendary hedge fund manager Doug Kass, our team of market technicians and professional traders hand you unique perspectives and breakthrough investment opportunities. Access this exciting service -- Real Money Pro -- FREE, right now!

    TradersHuddle Search

    Stock Search:


    Site Search:

    Technical Scans

    Recent Trading Ideas

    Latest Partner Headlines

    Stock Market

    Loading
    Chart
    o Dow Jones 17,672.60 ▼141.38 (-0.79%)
    o S&P 500 2,051.82 ▼11.33 (-0.55%)
    o NASDAQ 4,757.88 ▲7.48 (0.16%)
    INDEXDJX:.DJI

    Dow Jones

    Company ID [INDEXDJX:.DJI] Last trade:17,672.60 Trade time:4:29PM EST Value change:▼141.38 (-0.79%)
    INDEXSP:.INX

    S&P 500

    Company ID [INDEXSP:.INX] Last trade:2,051.82 Trade time:4:29PM EST Value change:▼11.33 (-0.55%)
    INDEXNASDAQ:.IXIC

    NASDAQ

    Company ID [INDEXNASDAQ:.IXIC] Last trade:4,757.88 Trade time:5:15PM EST Value change:▲7.48 (0.16%)

    In The Wires

    Copyright © 2013 TradersHuddle.com. All Rights Reserved.